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Special Reports
Origination Technology Update
Transcor Tech Users Get Compliance Connection
By Brad Finkelstein
BOSTON--PCi Corp. here has created an interface that allows users of Transcor
Group's Enterprise Lending Systems loan origination system access to certain compliance functions offered by PCi.
The users of ELS will have access to Wiz Sentinel, an anti-predatory lending compliance
and high-cost loan screening tool that covers federal, state and local legislation.
They will also have access to HMDA Wiz, a Home Mortgage Disclosure Act management
tool, giving users the ability to identify loan applicants and properties (through geocoding) that could qualify
for special loan programs.
Finally, there is Flood Wiz, which as its name says, provides flood insurance
compliance capabilities.
Jason Hammond, PCi's vice president of business development, noted this is one
of several partnerships the company has. Others include Ellie Mae, Bankers Systems and Fidelity's Empower! loan
origination systems.
By working with Transcor, ELS users will have an end-to-end compliance solution
and will be able to order these functions from PCi without having to leave their LOS. Before, such ordering had
to be done "by hand," he noted. Among the advantages for the user are ease of use and the reduction in
errors caused by the re-entry of data.
The development of this interface, Mr. Hammond noted, started with discussions
with executives from Phoenix-based Transcor at a trade show. The company did not have a compliance system of its
own and it did not want to create one of its own.
Meanwhile, PCi's solution is extensible markup language-based as is Transcor ELS.
Users looking to order the services will see an ELS screen.
Todd Bell, Transcor senior vice president of business development, said, "Our
customers will benefit from having easy access to PCi's functionality which dramatically reduces the burden and
attendant risk associated with lending compliance."
Other compliance services offered by PCi include CRA Wiz, for Community Reinvestment
Act compliance and Fair Lending Wiz.
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